SINGAPORE: Singapore's central bank urged banks on Monday to keep their finances strong and resilient to "shocks", in case of an abrupt rise in unemployment and business insolvencies due to the COVID-19 pandemic.
Although the economic outlook had improved recently, there remained a risk of a further deterioration in the ability of individuals and companies to repay debt, if the pandemic continued to cause prolonged disruptions to economic activity, the Monetary Authority of Singapore (MAS) said in its annual financial stability review.